Sixth Meeting of the Korea-Australia Free Trade Agreement Joint Committee

Alongside the Sixth Korea-Australia Free Trade Agreement (KAFTA) Joint Committee meeting, Senator the Hon Don Farrell, Minister for Trade and Tourism and his Korean counterpart, Dr Cheong Inkyo, Minister for Trade celebrated the 10-year anniversary of KAFTA's entry into force.

The milestone was an opportunity to promote the ongoing benefits of KAFTA and discuss ways to strengthen the partnership.

Australia and the Republic of Korea agreed on a Summary of Outcomes for the Sixth Joint Committee.

Summary of Outcomes

1. The sixth meeting of the Korea-Australia Free Trade Agreement (KAFTA) Joint Committee was held on 3 September 2024 in Perth. The meeting was Co-Chaired by the Hon Don Farrell, Minister for Trade and Tourism, Australia and Dr Cheong Inkyo, Trade Minister for the Republic of Korea (ROK).
2. The Co-Chairs welcomed the opportunity to hold the Joint Committee meeting and affirmed the importance of the Australia-ROK economic relationship. The Co-Chairs acknowledged the 10-year anniversary of KAFTA's entry into force, commending the significant growth in two-way trade between the countries, and the mutual benefits derived from the success of the agreement over the past decade.
3. The Co-Chairs recognised the collaborative efforts of officials from both countries in implementing KAFTA and the importance of encouraging Australian and ROK businesses to maximise opportunities under the Agreement. The Joint Committee discussed the forward agenda for KAFTA and committed to ensuring the Agreement continues to generate opportunities for trade and investment. The Co-Chairs agreed to progress work on exchanging administrative import clearance data for the measurement of FTA utilisation rates.
4. The Joint Committee acknowledged Australia's request to discuss improvements in goods market access under KAFTA. Co-Chair Minister Farrell noted opportunities for market access improvements on a range of Australian agricultural products, which would align with access provided to the ROK's other FTA partners and would demonstrate that KAFTA is a modern and comprehensive agreement that continues to provide benefits for businesses on both sides. Co-Chair Minister Cheong noted that at this stage ROK takes a careful approach in dealing with market access issues due to serious concerns raised by domestic stakeholders.
5. The Joint Committee agreed to convene a meeting of the Working Group on Professional Services in 2025. The Australian Co-Chair noted the crucial role of professional services in underpinning trade across all sectors in both countries' economies.
6. The Co-Chairs commended the positive engagement under the Committee on Energy and Mineral Resources Cooperation which met in October 2023. The Co-Chairs acknowledged that the two countries are strong and complementary energy and resource partners and agreed to sustain momentum on energy cooperation.
7. The Co-Chairs discussed Australia's screen content requirements on streaming services. Co-Chair Minister Cheong raised Australia's screen content requirements on streaming services and requested that the relevant regulatory framework be established consistent with KAFTA. Co-Chair Minister Farrell updated ROK on the policy, including that Australia was ensuring the design of the policy was consistent with KAFTA.
8. The Co-Chairs welcomed increased dialogue and cooperation bilaterally on emerging areas such as digital trade, green economy and opportunities relating to the new Future Made in Australia package. The Co-Chairs discussed how these areas could be strengthened through existing and new cooperation channels.
9. The Co-Chairs acknowledged the continuing and remarkable growth in international e-commerce as part of global trade flows and the importance of high ambition digital trade rules. The Co-Chairs discussed the Agreement on Electronic Commerce negotiated in the WTO, and released in July 2024, and underlined the importance of common global rules on digital trade.
10. The Joint Committee commended the strong collaboration on regional trade rules and advancing our mutual trade and economic interests, including through the Regional Comprehensive Economic Partnership Agreement and the Indo-Pacific Economic Framework. The Co-Chairs agreed to continue cooperation on shaping rules and standards that are consistent with KAFTA and that reflect Australia and the ROK's shared values and economic interests.